Old Mutual sacks chief executive over conflict of interest June 18, 2019 Old Mutual has sacked chief executive Peter Moyo following a period of suspension due to a conflict of interest related to an investment firm he founded. The insurer said Moyo’s actions since his suspension in May “contravened his fiduciary duties” to Old Mutual. Read more: Old Mutual suspends chief executive Peter Moyo “Following unsuccessful attempts [...]
Government plans new powers to stop firms exploiting loyal consumers June 18, 2019 The competition watchdog is set to be given new powers to fine companies exploiting consumer loyalty in a crackdown on “subscription traps” and unfair cancellation charges. The government has proposed giving the Competition and Markets Authority (CMA) legal powers to penalise firms without going through the courts. Read more: UK watchdog calls for new powers [...]
City Moves for 18 June – Who’s switching jobs? June 17, 2019 Today’s City Moves includes Keyword Studios, Deloitte and Capita. Keywords Studios Keywords Studios has announced that its chief financial officer, David Broderick, will be standing down from his role, and leaving the group, for personal reasons. Following an extensive search, Keywords has appointed Jon Hauck (inset), currently group financial controller and treasurer at FTSE 100 [...]
England v Afghanistan: Used Old Trafford pitch and Rashid Khan’s magic the key for visitors June 17, 2019 On the face of it England’s World Cup game against Afghanistan tomorrow comes at an opportune moment. With opener Jason Roy sidelined by a torn hamstring for a few games at least and captain Eoin Morgan recovering from a back spasm, it appears the perfect time to play the side bottom of the group table and without [...]
Fires in the Gulf: How a tiny waterway worries international oil traders June 17, 2019 Oil prices soared four per cent last Thursday as observers reported seeing smoke rising from a Norwegian oil tanker off the coast of the UAE. Later, reports emerged that a second tanker, the Japanese-owned Kokuka Courageous, had also taken damage and its 21 crew were evacuated. It happened as Japanese Prime Minister Shinzo Abe was [...]
Square Mile to get electric charging hub by end of year as part of Sadiq Khan’s EV push June 17, 2019 The Square Mile is to get a new electric charging hub by the end of this year as part of Sadiq Khan’s push to expand London’s electric vehicle infrastructure. The London mayor has today set out plans to deliver five flagship charging points over the next few years, with the first one installed in the [...]
Net-zero carbon advocate Lord Deben cleared in conflict of interest probe June 17, 2019 The government’s climate adviser Lord Deben has been cleared of wrongdoing after accusations his advice to government benefited companies which were clients of a family-run business. Sancroft, an environmental consultancy which Lord Deben chairs, was paid £600,000 by clients which “stood to make millions from his advice to ministers”, the Mail on Sunday alleged in [...]
Going, going, gone! Sotheby’s sold in $3.7bn deal with telecoms mogul June 17, 2019 Auctioneers Sotheby’s is being taken private, in a deal which values the business at $3.7bn (£2.9bn), the company said today. Patrick Drahi, the founder of telecoms giant Altice Europe, will pay $57 per share, a 61 per cent premium to the firm’s close on Friday. The billionaire art collector will take Sotheby’s into private ownership [...]
Caffeine buzz: Black Sheep coffee chain secures £13m funding for overseas plan June 17, 2019 Independent coffee shop chain Black Sheep has secured a £13m funding injection as it sets its sights on global expansion. The London-based barista group is looking to ramp up its footprint from 34 sites to 70 by the end of this year, as it eyes overseas growth in the US, Europe, UAE and Asia. Read [...]
UK tech firm Unily secures $68m investment June 17, 2019 Digital workplace platform Unily has secured $68m (£53.9m) growth investment from Silversmith Capital Partners and Farview Equity Partners. Unily, which counts McDonald’s, British Airways and Mars among its clients, intends to use the investment to “capture market share from more established providers”. Read more: Tech jobs in London rise by almost two thirds The British [...]